Creating peace of mind through honest and committed management[Provisional Translation Only]
This English translation of the original Japanese document is provided solely for information purposes.
Should there be any discrepancies between this translation and the Japanese original, the latter shall prevail.

February 28, 2012For Immediate Release
REIT Issuer
Ichigo Real Estate Investment Corporation (8975)
1-1-1, Uchisaiwai-cho, Chiyoda-ku, Tokyo
Representative: Yoshihiro Takatsuka, Executive Director
Asset Management Company
Ichigo REIT Management Co., Ltd.
Representative: Wataru Orii, President & Representative Director
Contact: Masaya Hiruta, Senior Executive Managing Director
Tel: 03-3502-4891

Notice of Partial Repayment of Existing Loan Backed by Trust Assets(Mizuho Trust / ORIX Bank Loan)
Ichigo Real Estate Investment Corporation (“Ichigo REIT”) hereby announces that it will make a partial
repayment of its loan backed by trust assets, per the below.

1. Reason for Partial Repayment
Today Ichigo REIT completed settlement on two properties (Sendai Ichibancho Building and Kearney
Place Kanazawa Ekimae) as disclosed in its release “Sale of Portfolio Properties” on February 8, 2012.
To decrease its financing costs, Ichigo REIT has decided to conduct a partial loan repayment with aportion of the proceeds obtained through these asset sales.
2. Repayment Details
Mizuho Trust Loan (Loan Backed by Trust Assets) / ORIX Bank Loan
LenderTrustee
Outstanding Balance before Repayment
Repayment Amount
Outstanding Balance after Repayment:
Date of Partial Repayment
Interest Rate
Collateral
Borrowing Date
Repayment Date

ORIX Bank Corporation
Mizuho Trust & Banking Co., Ltd.
JPY 2.05 billion
JPY 0.25 billion
JPY 1.80 billion
February 29, 2012
Three-month yen TIBOR+2.60%
Secured
September 17, 2010
March 14, 2014

Due to the partial repayment, the nominal principal of the interest rate cap, which was purchased tohedge the risk of interest rate rise for the loan, was also changed per the below.
BuyerSeller
Principal Amount before Repayment
Principal Amount after Repayment

Mizuho Trust & Banking Co., Ltd.
The Hongkong and Shanghai Banking Corporation
Limited, Tokyo Branch
JPY 2.05 billion
JPY 1.80 billion (decreased by JPY 0.25 billion)

Note: For details of the loan and interest rate cap agreement, please refer to “Notice on Fund
Procurement in Loan Backed by Trust Assets and Partial Repayment of Existing Loan” released on
September 15, 2010 by the pre-merger Ichigo Real Estate Investment Corporation (8983).
3. Future Outlook
There are no changes to the performance forecasts for the fiscal periods ending April 2012 andOctober 2012 as announced in the “Financial Report for the Twelfth Fiscal Period” on December 14,
2011.

Reference: Outstanding Loan Balance as of February 29, 2012

(million yen)
Balance
GE Japan Corporation
The Tokyo Star Bank, LimitedAozora Bank, Ltd.
Gibraltar Life Insurance Co., Ltd.
Mizuho Trust & Banking Co., Ltd. (Loan Backed by TrustAssets) / Prudential LPS
Resona Bank, Limited
Mizuho Trust & Banking Co., Ltd. (Loan Backed by TrustAssets) / ORIX Bank Corporation
The Kagawa Bank, Ltd.

29,000Total

56,98812,143
3,871
3,800
2,936
2,000
1,800
1,437

This document is being distributed today to the Kabuto Club (the press club of the TSE) as well as to the press clubfor the Ministry of Land, Infrastructure, Transport, and Tourism and the press club for specialty construction
newspapers at the Ministry of Land, Infrastructure, Transport, and Tourism.

Website of Ichigo REIT: www.ichigo-reit.co.jp/english